Eurozone PMI


Eurozone: December PMI records modest upturn

December 16, 2014

The flash estimate of the Markit Eurozone PMI Composite Output Index came in at 51.7 in December. The result was slightly above the 51.1 recorded in November and just overshot the 51.5 that market analysts had expected. This is the second time in the last five months that the composite PMI—the result of a survey of over 5,000 manufacturing and services businesses—has improved. The index has now been above the 50-threshold that signals a stable economic outlook for the past 18 months.

The acceleration was driven by stronger readings both for the manufacturing and services sectors. According to Markit, “[t]he Eurozone saw slightly faster growth of business activity in December but still ended the year on a whimper rather than a roar […] The increase was the second–lowest seen over the past year, suggesting the Euro area economy expanded by a mere 0.1% in the fourth quarter.”

At a country level, Germany’s composite PMI slowed in December to 51.4, which represents a slight moderation compared to the 51.7 recorded in November. The result marked the slowest reading since July 2013. France’s composite PMI picked up from 47.9 in November to 49.1 in December, marking the highest result in four months. Meanwhile, the composite PMI for all the other countries came in at a five-month high.

FocusEconomics Consensus Forecast panelists expect the economy to expand 1.1% in 2015, which is down 0.1 percentage points from last month’s forecast. For 2016, panelists expect the economy to expand 1.5%.


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Eurozone PMI Chart

Euro PMI November 2014 0

Note: Markit Purchasing Managers’ Index (PMI) Composite Output. A reading above 50 indicates an expansion in business activity while a value below 50 points to a contraction
Source: Markit

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